The White House is considering joining the global Crypto-Asset Reporting Framework to access Americans’ foreign crypto account data. This move would align the US with 72 countries committed to implementing CARF by 2028, potentially impacting capital gains tax reporting from foreign crypto platforms.

The implementation of CARF aims to deter American taxpayers from using offshore exchanges, benefiting US crypto platforms. Over one-third of the world has signed up for CARF, with countries like Brazil, Indonesia, and the UK joining by 2027, and others, including the US, by 2028.

The US plans to introduce 1099-DA forms in 2026, requiring US-based crypto exchanges to report detailed transaction data. This could mark the end of crypto anonymity, with increased IRS visibility into blockchain activities and potential audits for non-reporters in the future.

Read more at Cointelegraph: White House to Review IRS Proposal to Tax Foreign Crypto Accounts